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| Scrap Prices |
Turkey Drives Global Scrap Price Increases Amid Supply Shortages
Global scrap prices surged in mid-March 2026, with Turkey and the U.S. leading gains. The Turkish HMS 1&2 80:20 scrap rose 3.9% to $388.3/t CFR, the highest since July 2024. Supply shortages, rising freight rates, and Middle East geopolitical tensions intensified market pressure. Meanwhile, Turkish mills increased purchases ahead of the Eid holiday, reinforcing supplier leverage. However, weak rebar demand restrained further price escalation.
EU and U.S. Markets Show Divergent Trends
In contrast, the EU market stabilized in March. German E3 scrap prices fell slightly by 1.3% to €300/t Ex-works, while Italy held steady at €325/t Delivered Basis. Seasonal supply recovery and mills’ reluctance limited further increases. Conversely, the U.S. East Coast experienced a 3.6% rise to $347/t FOB due to winter logistics delays and strong flat steel demand. By March, improving weather and higher freight costs tempered U.S. export competitiveness, balancing supply and demand.
China Maintains Minimal Price Fluctuations
Meanwhile, China’s scrap prices increased only marginally. Domestic scrap rose 0.8% to $349.9/t, while imported offers advanced 0.7% to $345/t CFR. Limited construction activity and cautious demand for steel prevented a strong price rally. Expectations for electric arc furnace capacity expansion provided minor support, but the market remained calm. Overall, China showed the least volatility among major scrap markets.
ScrapInsight Commentary
Turkey’s supply shortage and freight pressure drove the strongest price gains globally. U.S. markets are normalizing, while the EU remains stable but sensitive to energy costs. China’s minimal volatility suggests subdued steel demand, emphasizing cautious investment strategies and recycled metal’s role in the circular economy.
